NIGERIA · MARKETS

Nigeria’s main stock index slipped 0.02% on the first trading day of November. Oil and bank shares led the losses, while insurers and industrial firms rose.

Nigeria’s stock market opened November lower on Monday 2 November, with the NGX All-Share Index easing 0.02% to 254,245.21 points. The Nigerian Exchange (NGX) runs the market in Lagos, and the All-Share Index tracks every listed share.

Oil, gas and bank stocks did most of the damage, but the index is still up 63.38% for the year to date. For US readers, it is a small pause after a very large rally.

How Nigeria Stocks Opened November

The index fell 54.28 points from Friday’s close of 254,299.49. Market value dropped by NGN 35.25 billion (about US$26 million) to NGN 165.08 trillion (about US$123 billion).

Conversions use the central bank (CBN) official rate of NGN 1,346.26 per US$1, set on Friday 30 October 2026. The bank had not published a separate rate for Monday.

Investors traded 517.26 million shares, 48.15% fewer than on Friday, worth NGN 47.48 billion (about US$35 million). Decliners outnumbered gainers by roughly two to one, with 41 shares down and 21 up in most tallies.

Which Sectors Fell and Which Rose

The NGX Oil and Gas Index fell 3.75%, the steepest drop among the main sector indices. The commodity index lost 2.76%, the banking index 1.79% and the consumer goods index 1.17%.

The industrial index rose 3.34% and the insurance index 0.93%, which cushioned the fall. Aradel Holdings, an oil and gas company listed on the exchange, dropped 9.99%, close to the 10% daily limit.

Analysts quoted in local market reports pointed to profit-taking after a long rally. No exchange or company statement explaining the energy and bank losses could be found.

A lit monument and traffic light trails at night in the Maryland district of Ikeja, Lagos, in a file photo. It does not show the summit venue or any event this week. Photo: Omoeko Media / Wikimedia Commons (CC BY-SA 4.0)

Lagos Prepares for a Peace Summit

Lagos will host the All Nigeria Rotary Peace Summit on Saturday 7 November at the Victoria Garden Event Centre in Alausa, Ikeja. Ikeja is the capital of Lagos State, where the state government sits.

The convener is Yinka Babalola, a Nigerian who became president of Rotary International on 1 July 2026. He is the second Nigerian to lead the organisation.

The theme is Good Governance, Justice and Equity: Foundations for Sustainable Peace. Organisers have invited community leaders, peace advocates, policymakers and the private sector.

Nigeria’s next general elections are due in 2027, which gives a summit on governance and peace extra weight. Any declaration issued there would be a statement of intent, not law.

Earlier Rio Times reports include Nigeria Stocks Shed US$1 Billion as Energy Shares Slide and Dangote IPO Allotment Awaits SEC Nod. See also Zenith Bank Profit Hits US$690 Million and the Nigeria hub.

What It Means for US Readers

Few Nigerian companies trade in New York, so most US exposure comes through funds that hold shares listed in Lagos. A one-day drop of 0.02% is noise, but a 3.75% slide in oil and gas shares is worth watching.

The US State Department tells Americans to reconsider travel to Nigeria, a Level 3 advisory. Anyone attending the summit in Lagos should check it first.

What Is Not Known

The reason for the fall in oil, gas and bank shares is not confirmed, and it may simply be profit-taking. Reports differ slightly on the number of decliners, at 41 or 42.

The exchange’s own data page did not show the day’s figures when checked. The index numbers rest on identical figures in several Nigerian market reports.

Expected attendance has not been published. A programme carried by one outlet lists panels on governance, justice and security, so speakers and timings may change.

What Comes Next

Trading resumes on Tuesday 3 November, and the summit follows on Saturday 7 November. One weak day does not mark a trend, and a summit does not by itself change policy.

Frequently Asked Questions

How did Nigeria’s stock market open November?

The NGX All-Share Index slipped 0.02% to 254,245.21 on Monday 2 November. Oil and gas shares fell 3.75% and banks 1.79%.

Is Nigeria’s stock market still rising this year?

Yes, the index is up 63.38% for the year to date. The Monday dip was small against that gain.

When is the All Nigeria Rotary Peace Summit?

It is due on Saturday 7 November at the Victoria Garden Event Centre in Alausa, Ikeja, Lagos. The theme is Good Governance, Justice and Equity.

Is it safe for Americans to travel to Nigeria?

The US State Department rates Nigeria Level 3, Reconsider Travel, and lists several states as Do Not Travel. Check the current advisory before any trip.

Sources: Nigerian Exchange Group, equities and index data; Rotary International, profile of President Yinka Babalola; US State Department, Nigeria travel advisory (all accessed 3 November 2026).